- Ripple price bulls nurse wounds closer to the key support at $0.20.
- XRP/USD recovery stalls under $0.21 despite the slightly bullish Asian session on Monday.
Ripple price succumbed to a two-month low as bears crisscrossed the cryptocurrency market over the weekend leaving nothing but havoc in their wake. The minor recovery XRP/USD had recorded towards the end of last week counted for nothing as the price dropped like deadweight trading close to $0.20 for the first time since the beginning of January.
From 2020 high achieved at $0.3468, Ripple has shed off more than 41.73% of its value. The losing streak is likely to continue unless the buyers quickly change the course of action.
XRP/USD is trading at $0.2051 at the time of writing. The Asian session on Monday has recorded a subtle 0.36% growth on the day. The third-largest cryptocurrency is trading at $0.2055. Bulls intend to defend the support at $0.20 like their lives to depend on it. This is to ensure that any possibility of eyeing a return to December lows of $0.1750 is averted early.
Technically, sideways trading action appears to be the next viable direction. The RSI ranges at 34 after avoiding the oversold region in spite of the acute losses. This means that bullish pressure is not entirely ousted and that the buyers still have some power to defend the critical support area. The bullish pressure is emphasized by the ability of the 50-day SMA to hold above the longer-term 200-day SMA. However, the only way to guarantee recovery is to push XRP/USD above $0.22.
XRP/USD daily chart
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